Edgestream Partners L.P. Acquires New Stake in Western Alliance Bancorporation (NYSE:WAL)

Edgestream Partners L.P. purchased a new position in shares of Western Alliance Bancorporation (NYSE:WAL) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 27,018 shares of the financial services provider’s stock, valued at approximately $2,076,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WAL. Point72 Europe London LLP raised its position in shares of Western Alliance Bancorporation by 6.6% in the 4th quarter. Point72 Europe London LLP now owns 90,643 shares of the financial services provider’s stock valued at $7,572,000 after purchasing an additional 5,643 shares in the last quarter. Nicholas Investment Partners LP raised its position in shares of Western Alliance Bancorporation by 12.7% during the 4th quarter. Nicholas Investment Partners LP now owns 174,582 shares of the financial services provider’s stock valued at $14,585,000 after acquiring an additional 19,639 shares in the last quarter. GAMMA Investing LLC grew its stake in Western Alliance Bancorporation by 53.3% during the 1st quarter. GAMMA Investing LLC now owns 2,181 shares of the financial services provider’s stock worth $168,000 after buying an additional 758 shares during the last quarter. New York State Teachers Retirement System grew its stake in Western Alliance Bancorporation by 24.9% during the 1st quarter. New York State Teachers Retirement System now owns 25,387 shares of the financial services provider’s stock worth $1,950,000 after buying an additional 5,056 shares during the last quarter. Finally, Focus Partners Wealth grew its stake in shares of Western Alliance Bancorporation by 5.2% in the fourth quarter. Focus Partners Wealth now owns 99,080 shares of the financial services provider’s stock worth $8,277,000 after purchasing an additional 4,909 shares in the last quarter. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on WAL shares. Barclays raised their target price on Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. raised their price target on Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Wall Street Zen raised Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a report on Wednesday, May 21st. Citigroup raised their target price on Western Alliance Bancorporation from $91.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, July 2nd. Finally, Jefferies Financial Group assumed coverage on Western Alliance Bancorporation in a research note on Wednesday, May 21st. They issued a “buy” rating and a $95.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Western Alliance Bancorporation has an average rating of “Moderate Buy” and an average target price of $97.50.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $84.74 on Friday. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $98.10. The stock has a 50 day moving average price of $76.95 and a two-hundred day moving average price of $78.29. The firm has a market capitalization of $9.36 billion, a P/E ratio of 11.62, a P/E/G ratio of 0.59 and a beta of 1.29. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.83 and a current ratio of 0.88.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.03. The business had revenue of $836.21 million for the quarter, compared to the consensus estimate of $838.58 million. Western Alliance Bancorporation had a return on equity of 12.57% and a net margin of 15.80%. During the same quarter last year, the business posted $1.75 earnings per share. Equities analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.79%. Western Alliance Bancorporation’s dividend payout ratio is currently 20.85%.

Western Alliance Bancorporation Profile

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; demand deposits; and treasury management and residential mortgage products and services.